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NEW YORK, May 15 /PRNewswire-FirstCall/ -- Fixed mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing increased to 5.78 percent, while the average jumbo 30-year fixed rate is now 7.41 percent. Adjustable mortgage rates slumped, with the average 3/1 ARM retreating to 5.79 percent and the average 7/1 ARM falling to 6.06 percent.
Inflation worries continue to pressure mortgage rates. Fixed mortgage rates increased despite a better-than-expected reading on the Consumer Price Index for April. Optimism about a shallow recession and an economic rebound stand in contrast to the gloomy forecasts so prevalent of late, and have contributed to the uptick in mortgage rates. Fixed mortgage rates are closely related to yields on long-term government bonds, and both are heavily influenced by the outlook for the economy and inflation.
Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. In February, the average 30-year fixed rate got as high as 6.41 percent, which meant the same $200,000 loan would have carried a monthly payment of $1,252.32. Today, with the average rate at 6.19 percent, a $200,000 loan would mean a monthly payment of $1,223.64.
SURVEY RESULTS 30-year fixed: 6.19% -- up from 6.13% last week (avg. points: 0.39) 15-year fixed: 5.78% -- up from 5.71% last week (avg. points: 0.40) 5/1 ARM: 5.86% -- down from 5.87% last week (avg. points: 0.34)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates
The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Half of all panelists think rates will continue to move higher. Among the other half, 31 percent predict a decline and 19 percent expect rates to remain more or less unchanged in the coming 30 to 45 days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI About Bankrate, Inc. (NASDAQ:RATE)
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